There are a lot of Millennium Falcon related Tee-Shirts out at the moment. (I have 11 in my collection so far and Mike has 30.) Some are great, others not so good. I’m not quite sure what to make of this as it’s a pretty unusual image. Red Bubble have another Millennium Falcon Tee Shirt on their web site and it looks OK, but i’m not too sure about the cockpit thing. It’s certainly an interesting image though. According to the site, the banner is latin for “The Millennium Falcon to Victory”.
Here’s the link
21/03/11: I caved in and ordered this today.
02/04/11: This arrived today and i have to say that this is one of my favourite Tee Shirts. It’s just such an unusual image. (My favourite’s still the Gunners tracking tee.) I ordered mine in black.
11/05/11: It looks like this design is as icruise says and is supposed to represent the mascot thing, I came across this design on a website called “designed by humans”. OK, it’s the other end up from this design, but you can see the intention in the similarity.
Mffanrodders's Blog 
I imagine it’s supposed to look like a real falcon, with it’s wings spread behind it and the cockpit taking the place of its head. Kind of cool. I’m not sure if it’s a parody of a specific crest or what.
OK, that’s quite an interesting thought, i can definately see that.
I’m wondering if it’s a take on an American Football team’s logo. Aren’t there a lot of Falcon’s in American Football.